Rent Token is a blockchain-based cryptocurrency that recently launched its ICO. Find out everything you need to know about Rent Token today in our review.
What Is Rent Token?
Rent Token, found online at Rent-Token.com, is a cryptocurrency that aims to start “the renting revolution.”
The overall goal of the project is to solve crucial problems in the renting industry. Rent Token aims to create a better renting marketplace. That means landlords will find it easier to find good tenants for their properties and reduce vacancy rates, while renters will be able to find the right property at the right price.
Obviously, Rent Token is an ambitious project – so let’s take a closer look at how Rent Token aims to accomplish those goals.
How Does Rent Token Work?
Rent Token promises to be the first cryptocurrency to directly partner and work with real estate sales and rental agencies and websites. The developers have partnered with these groups to promote adoption and everyday use of the coin.
Once the Rent Token ICO is complete, the developers will be purchasing and developing a group of duplexes and townhouses with the goal of leasing those properties to renters. Renters will be able to enjoy a 10% discount on a security deposit and a 2% discount on monthly rent when they use Rent Tokens as a payment method.
The initial rental properties will be used as a proof of concept for the Rent Token system. Throughout the test, Rent Token will develop front-end support for tenants and extensive back-end support for landlords.
Obviously, Rent Token will only be successful if it provides a better experience for both landlords and renters. Let’s take a look at some of the proposed benefits of the platform.
Benefits For Landlords
Some of the benefits for landlords include:
Ease Of Property Management:
As part of the Rent Token smart contract system, landlords will automatically receive rent payments through a self-executing smart contract. The smart contract will also have various protocols in place regarding lateness, security deposits, and other rules for renters.
Easy Litigation And Arbitration For Landlords:
The Rent Token system will feature an app. When you initially rent a property to someone, you can walk through the apartment with the renter and use the app to note any damages on the property. This provides an easy litigation and arbitration process if something goes wrong.
Full Rental Listing Service And Review System:
Rent Token plans to offer a complete listing of properties, along with reviews for landlords, properties, and renters.
No Chargeback System:
Rent Token claims to be the first platform that offers a no chargeback system, which means tenants cannot place chargebacks on their payments in an attempt to commit fraud.
Rent Token Features
Meanwhile, renters enjoy all of the following benefits and features through the Rent Token ecosystem:
Full Rental Listings Program For Landlords And Tenants:
The Rent Token app will feature a list of properties that accept Rent Tokens. The app will also feature promoted listings (landlords can pay to promote their property).
Instant Messaging And Maintenance Support Ticket System:
Rent Token’s app offers easy instant messaging between tenants and landlords and an innovative tenant issue system that instantly sends a notice to your landlord. Landlords can also send contractors to the address instantly with the tap of a button.
Easy Pre-Lease Walk-Thru Notes:
As mentioned above, the tenant and landlord can walk through the property and note any damages in the app. The condition of the property will be carefully noted long before the lease is signed.
Seamless Exchange Of Rent Tokens:
Instead of messing with checks or online transfers, Rent Token makes it easy to transfer Rent Tokens within the app. The app will also facilitate instant exchanges from a bank account in USD, CNY, or EUR into Rent Tokens.
The Rent Token ICO
The Rent Token ICO began on September 2. It’s scheduled to last until October 23.
After the ICO is complete, Rent Token plans to partner with real estate agencies and develop relationships with landlords while also heavily promoting the app. By Q1 2018, they hope to have a full real estate ecosystem up and running.
The ICO has an initial goal of $1 million and a hard maximum cap of $15 million. There will be a total supply of 500 million tokens. 150 million tokens are available through the ICO at a price of $0.10 per token.
Who’s Behind Rent Token?
The Rent Token whitepaper lists a team of four developers, including Matthew McAlister Aaron Hoffman, John Zinno, and Ethan Sam.
Rent Token Conclusion
Rent Token aims to disrupt the rental industry by creating an ecosystem that benefits both landlords and tenants. The ecosystem revolves around the use of Rent Tokens as a currency. It will also introduce key features like the ability to seamlessly interact with landlords through the app, transfer money between fiats and Rent Tokens, and secure rental agreements in blockchain-based smart contracts.
The Rent Token ICO is ongoing throughout September and October. You can learn more about the project by visiting the company online today at Rent-Token.com